The Month That Was: the FCA's Vehicle Finance Redress Scheme Consultation

In this episode, Mel is joined by David Allinson to discuss the FCA’s proposed section 404 consumer redress scheme for vehicle finance, focusing on discretionary commission arrangements, the scheme’s scope (regulated agreements from 2007 to November 2024), rebuttable presumptions of unfairness and loss, and an estimated £8.2bn in redress averaging about £700 per file. The conversation flags contentious areas limitation via deliberate concealment under section 32 of the Limitation Act, causation, and the redress methodology—alongside the consultation’s extension to 12 December and expected final rules in the spring.

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